Feb 24 2011
Oxford Metrics Group develops image identifying solutions suitable for the entertainment, defense, life science and engineering environments. The group has taken over Sensing Systems, producer of software products and services targeted at aerial platforms.
Sensing will offer OMG operational capabilities with digital media opportunities. OMG’s 2d3 division develops vision science capabilities to analyze the raw image content from aerial systems and convert the data into reports. Sensing will offer low-level video import and export components besides software libraries.
The takeover consists of an initial amount of $3.5m with $2.5m in cash and $1m in OMG shares, to be met with 1,568,964 ordinary shares. Also, a contingent share portfolio of $5m relates to meeting three cumulative revenue targets and expects to be paid out across a four year period.
Sensing posted earnings of $1.5m last year and a profit before tax of $0.3m. Although OMG does anticipate increased profits immediately after this takeover, it does anticipate that the coming years will see increased profit levels.